Trilogy Metals Inc (TMQ) continued its impressive rally with an 8.75% surge in pre-market trading on Thursday, as investor enthusiasm for rare earth mineral stocks shows no signs of abating. This latest jump comes on the heels of a 5.32% increase in the previous 24-hour trading period, underlining the strong momentum behind the stock.

The pre-market surge in Trilogy Metals' stock price is part of a broader trend that has seen rare earth mineral companies post extraordinary gains. TMQ itself has recorded a staggering 813.79% increase year-to-date, positioning it as one of the top performers in this red-hot sector. Investors are piling into these stocks, driven by narratives surrounding the green energy transition and potential defense applications, rather than current financial performance.

However, market experts, including notable commentator Jim Cramer, have raised concerns about the sustainability of these gains. Cramer pointed out that most companies in the rare earth minerals space, including Trilogy Metals, "don't generate any revenue" and many are posting negative earnings yields. This disconnect between stock performance and fundamental profitability has led to comparisons with meme-stock rallies, raising questions about a potential bubble in the sector. Despite these warnings, the pre-market surge suggests that investor appetite for rare earth mineral stocks remains strong, at least for now.